Market Maker vs STP vs DMA vs ECN


 MMSTPDMAECN
Full nameMarket MakerStraight Through ProcessingDirect Market AccessElectronic Communication Network
Broker structureDDSTP + NDDDMA + STP + NDDECN + DMA + STP + NDD
Dealing modelDealing DeskNo Dealing DeskNo Dealing DeskNo Dealing Desk
ExecutionInstant ExecutionInstant & Market ExecutionInstant & Market ExecutionInstant & Market Execution
Spreadsfixedfixed & floatingfloatingfloating
Pricing4 & 5 digits4 & 5 digits5 digits5 digits
Commissionnonono & yesyes
Who is on the other side of your tradeYour brokerOrders sent to another brokerOrders sent to several other brokers/banks Orders sent to the ECN network
Conflict of interestsyesnonono
Depth of the Market (DOM)nonono & yesyes
Speed of executionregularregularfastfast
Re-qoutesyesyesnono
Slippageyesyesyesyes
News tradingnonoyesyes
Scalpingyes & noyes & noyesyes
Deposit requirements amountlowlowaveragehigh
Spread costhighaveragelowvery low

Market Maker vs STP vs DMA vs ECN

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